Sioux Falls Real Estate Market Report – June 2018

Here’s a look at the Sioux Falls Real Estate Market for June 2018. The month to month inventory has increased, but we are still showing a decrease from last year’s numbers. Read more about this month’s real estate market below.

A Look at the Housing Stats

We saw a total of 333 condominiums and single-family homes sell in Sioux Falls. When you compare last year’s 340 homes sold during the month of May, you’ll see a decrease in sales of 2.1%. The median sales price of homes sold in Sioux Falls during the month of May was $210,000. This amount shows an increase of 5.8% from last year’s $198,500.

What Does this Data Mean?

At the end of the month, there were 961 homes listed with no offer. The inventory for real estate in Sioux Falls improves with 3.2 months of inventory available for potential home buyers. This number is down from May of last year when the inventory supply was 4.3 months, but it does show an improvement from last month. For the real estate market to be considered balanced, there must be a 6-month supply of inventory. When it comes to the number of new listings in May, there is an increase of 4.3 percent from the 469 homes listed in 2017, with 489 properties added.

What This Means for Buyers

May ended with 961 homes on the market. This number is down 19.7 percent from the 1,197 in inventory last year at this time. While there are fewer homes on the market when you do a year over year comparison, we are seeing an improvement from month to month this year. If you want to stay on top of new listings you can set up saved searches and get updated via e-mail when new properties hit the market. Taking this step may give you the edge over other buyers in the area.

What This Means for Sellers

May’s sellers received 99.5% of their original list price. This is a drop of 0.3 percent from last year’s 99.8%. Homes on the market this May stayed listed for approximately 84 days. This number shows a decrease of 0.5 percent from the average of 85 days in May 2017. One of the keys to a successful sale is pricing your home correctly from the start. Get an idea of what your home is worth by clicking the free 15-second calculator below. We would love to help you get a more accurate estimation with a comprehensive report. Give us a call today!